International Review of Financial Analysis最新文献_第2页

When digital meets traditional financial intermediaries: How equity crowdfunding shapes venture capital value added 当数字与传统金融中介相遇：股权众筹如何塑造风险资本增值

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-03-07 DOI: 10.1016/j.irfa.2026.105152

Samia Alam, Vincenzo Butticè

引用次数: 0

Non-financial misconduct and M&A returns: Evidence from workplace misconduct 非财务不当行为与并购回报：来自职场不当行为的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-02-26 DOI: 10.1016/j.irfa.2026.105146

Khadija S. Almaghrabi

{"title":"Non-financial misconduct and M&A returns: Evidence from workplace misconduct","authors":"Khadija S. Almaghrabi","doi":"10.1016/j.irfa.2026.105146","DOIUrl":"10.1016/j.irfa.2026.105146","url":null,"abstract":"<div><div>We investigate the impact of non-financial misconduct on announcement returns, as well as the long-term market and operating performance. Utilizing workplace-related violation data, we find that while announcement returns are comparable for acquirers with and without workplace misconduct, the long-run buy-and-hold abnormal returns (BHARs) and operating performance are significantly negative for acquirers involved in workplace misconduct. This indicates that, at the time of the deal announcement, the market is largely unaware of the potential negative effects of workplace misconduct on the integration process and productivity of the combined firm. However, the market gradually reassesses the impact of these violations and reflects their negative impact on the lower average long-term abnormal returns of the acquirers' stocks. In additional analyses, we find that (1) the channel through which workplace misconduct affects M&A performance is the difficulty of integration and the resulting deterioration of employee productivity caused by such misconduct, (2) the effect is stronger among human capital-intensive acquirers, (3) workplace misconduct at target firms has a minimal effect on the long-term post-acquisition financial and operating performance, and (4) acquirers with workplace misconduct are more inclined to finance acquisitions through equity.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"113 ","pages":"Article 105146"},"PeriodicalIF":9.8,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147351277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Unauthorized immigrants and corporate cash holdings 非法移民和公司现金持有量

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-02-18 DOI: 10.1016/j.irfa.2026.105135

Hyuksoon Lim

引用次数: 0

The performance of low-carbon equity funds 低碳股票型基金的表现

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-15 DOI: 10.1016/j.irfa.2026.105096

Kevin Birk , Martin Rohleder , René Weh , Marco Wilkens

引用次数: 0

Corporate governance characteristics, shareholder dissent and agency cost of debt 公司治理特征、股东异议与债务代理成本

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-10 DOI: 10.1016/j.irfa.2025.104850

Wenjie Ding , Danial Hemmings , Lynn Hodgkinson , Patrycja Klusak , Gilad Livne

引用次数: 0

Herding behaviour in equity crowdfunding and P2P lending markets: A systematic meta-analysis 股权众筹和P2P借贷市场的羊群行为：一个系统的元分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.irfa.2026.105101

Riccardo Tipaldi , Carmen Gallucci , José M. Liñares-Zegarra

{"title":"Herding behaviour in equity crowdfunding and P2P lending markets: A systematic meta-analysis","authors":"Riccardo Tipaldi , Carmen Gallucci , José M. Liñares-Zegarra","doi":"10.1016/j.irfa.2026.105101","DOIUrl":"10.1016/j.irfa.2026.105101","url":null,"abstract":"<div><div>This paper provides a systematic meta-analysis of empirical research on herding behaviour in equity crowdfunding (ECF) and peer-to-peer (P2P) lending markets. Despite the increasing importance of these fintech-driven entrepreneurial finance models, research on herding remains scattered. Based on a sample of 30 studies, the paper addresses four questions: (1) Is herding behaviour consistently observed in ECF and P2P lending markets? (2) Does herding differ between ECF and P2P lending? (3) Do competing offers impact herding dynamics? (4) Do regional groups (Western vs non-Western countries) and national cultural factors shape herding behaviour? Subgroup analyses reveal that: (1) herding is statistically detectable in these markets, although its magnitude varies widely across studies and contexts; (2) herding is more pronounced in P2P lending than in ECF; (3) herding effects diminish in the presence of competing offerings; (4) herding is more prominent in non-Western markets, with cultural factors also shaping its variation. These findings provide practical insights for platform managers, entrepreneurs, and policymakers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"111 ","pages":"Article 105101"},"PeriodicalIF":9.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Never waste a crisis: Do stock market manipulators exploit geopolitical risks? 永远不要浪费危机：股市操纵者会利用地缘政治风险吗？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.irfa.2026.105103

Jie Liu , Zhenshan Chen , Gengyan Lin , Yajing Ye , Jia Liu

{"title":"Never waste a crisis: Do stock market manipulators exploit geopolitical risks?","authors":"Jie Liu , Zhenshan Chen , Gengyan Lin , Yajing Ye , Jia Liu","doi":"10.1016/j.irfa.2026.105103","DOIUrl":"10.1016/j.irfa.2026.105103","url":null,"abstract":"<div><div>Utilizing a closing price manipulation detection model, which identified 11,064 suspected cases, we investigate the impact of geopolitical risks on market manipulation. We find that geopolitical risks increase the probability and frequency of manipulation in geopolitically sensitive stocks. This effect is validated by a quasi-natural experiment, utilizing the misfiring of the Taiwan missile in 2016, through difference-in-differences (DID) estimation. The enhanced information asymmetry serves as a main channel for the effect. The impact of geopolitical risks on manipulation is intensified among firms with lower transparency but reduced by high quality auditing and cross-listing, demonstrating that manipulators target stocks traded in opaque information environments. Additional analysis indicates that management disclosure effectively mitigates the effect of geopolitical risks on market manipulation. Our findings shed light on the crucial role of information transparency in the effectiveness of financial markets and investor protection, especially during periods of heightened geopolitical risk.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"111 ","pages":"Article 105103"},"PeriodicalIF":9.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Modelling time-varying volatility interactions 模拟时变波动相互作用

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.irfa.2026.105098

Susana Campos-Martins , Cristina Amado

引用次数: 0

Vulnerable options under a Hawkes jump-diffusion model with two-factor stochastic volatility 具有两因素随机波动率的Hawkes跳-扩散模型下的脆弱期权

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.irfa.2026.105095

Puneet Pasricha , Xin-Jiang He

{"title":"Vulnerable options under a Hawkes jump-diffusion model with two-factor stochastic volatility","authors":"Puneet Pasricha , Xin-Jiang He","doi":"10.1016/j.irfa.2026.105095","DOIUrl":"10.1016/j.irfa.2026.105095","url":null,"abstract":"<div><div>In this article, we address the valuation of a European vulnerable options within a structural framework. Specifically, we model the underlying asset and the asset of the option writer using a joint Hawkes jump-diffusion model with two-factor stochastic volatility. We derive a general analytical integral formula for prices of European options, applicable under any modeling framework as long as the joint characteristic function of asset prices associated with the underlying and option writer is available analytically. Distinguished from the pricing formulae in the literature, especially in a jump-diffusion framework, which is either in the form of the expectation over the jump process or requires evaluating several layers of infinite sums, our formula is significantly simplified and computationally efficient. Moreover, our model dynamics encompasses a wide range of commonly used models as special cases, for which we provide explicit analytical forms of the joint characteristic functions. Finally, we present numerical experiments demonstrating the accuracy and computational efficiency of our formula, along with sensitivity analysis to highlight the impact of various model parameters on the option prices.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"111 ","pages":"Article 105095"},"PeriodicalIF":9.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The contagion effect of natural disasters in the Sovereign CDS market: Which causes? 自然灾害对主权CDS市场的传染效应：原因何在？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.irfa.2026.105102

Caterina Di Tommaso , Matteo Foglia , Vincenzo Pacelli

引用次数: 0